presentazione bimo_2009-1

1

Bimo Italia S.p.A.Company highlights

Strictly private and confidential

Moscow, 16th April 2009

2

Index

Foreword

I. Executive summary

II. Historical financial highlights

III. Business plan

IV. Current trading

V. Debt restructuring snapshot

Appendix

Page 4

Page 13

Page 18

4

Page 26

Page 29

3

Foreword

This document has been prepared by Palladio Corporate Finance S.p.A. ("PCF") solely to provide a preliminary basis for potential investors to consider whether to pursue an investment in Bimo Italia S.p.A. (“Bimo”). This document does not constitute a prospectus or listing particulars relating to Bimo, nor does it constitute or form part of any offer or invitation to purchase, sell or subscribe for, or any solicitation of any such offer to purchase, sell or subscribe for, any securities in Bimo nor shall this presentation, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore.

Nothing contained in this document shall be deemed to constitute a forecast, projection or estimate of Bimo's future financial performance. This document may contain statements, statistics and projections that include words such as "intends", "expects", "anticipates", "estimates" and words of similar import. By their nature, such statements involve risk and uncertainty because they relate to events and depend upon circumstances which may or may not occur. Actual results may differ materially from those expressed or implied by those statements.

No reliance may be placed, for any purposes whatsoever, on the information contained in this presentation or on its completeness and this presentation should not be considered a recommendation by PCF or Bimo or any of their respective affiliates in relation to any purchase of or subscription for securities of Bimo. No representation or warranty, express or implied, is given by or on behalf of PCF or Bimo, or any of their respective directors, partners, officers, employees, advisers or any other persons as to the accuracy, fairness or sufficiency of the information or opinions contained in this presentation and none of the information contained in this presentation has been independently verified by PCF or any other person. No such person shall be under any obligation to update, or to correct any inaccuracy contained in, any information contained herein. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in such information or opinions.

This presentation is being made available on the basis that its recipients keep confidential any information contained herein or otherwise made available, whether orally or in writing, in connection with Bimo. This presentation is confidential and must not be copied, reproduced, published, distributed, disclosed or passed to any other person at any time without the prior written consent of PCF, as exclusive advisor to Bimo.

PCF is acting only for Bimo in connection with the distribution of this presentation and any future transaction and is not acting for or advising any otherperson, or treating any other person as its client, in relation thereto. Any other person receiving this presentation should seek their own independent legal, investment and tax advice as they see fit.

4

I. Executive summary

5

Executive summary –(1/8)

The transaction

� Irplast S.p.A. (the “Group” or “Irplast”) is a leading integrated player within the European flexible packaging industry that manufactures and markets polypropylene films, printed films, labels and packaging systems. The Group is expected to report consolidated revenues of c.a. € 110 mln in 2008

� The Group is reshaping its business and industrial footprint to focus on the converting business which has attracted significant investments in technology and in product research & development over the past few years

� As part of this industrial reorganization, Irplast has decided to consider the opportunity to actively look for an industrial and/or financial investor for its BOPP film business carried on by Bimo S.p.A. (“Bimo”or the “Company”) a fully controlled subsidiary

(1) Market value appraisal as of May 2008

Immobiliare Porta Volta

100%99.99% 88%79%

Flex Industry ZAO

Irplast Market OOO

Irplast Holding

100%

Industry: Converting businessTotal sales FY ‘08: € 46.3 mlnEbitda FY ‘08: n.a.Employees FY ‘07: 195Production capacity: 214 mln sqm/year

Industry: BOPP filmTotal sales FY ‘08: € 70.7 mlnEbitda FY ‘08: € (0.9) mlnEmployees FY ‘08: 195Production capacity: 50,000 tons/year

Industry: Real estate companyReal estate assets (1) : € 20.5 mlnDebt: € 14.0 mln

Industry: Converting businessDormant company

Industry: MarketingOperating since 09/08

Transaction perimeter

6


Business overview

� Bimo is one of the leading European manufacturers and distributors of bi-oriented polypropylene film (“BOPP”) with a strong focus on specialty products

� The Company develops and markets specialty products focused on tobacco packaging solutions, high barrier metalized films and shrinkable labels for applications in the food and beverage industry

� The range of products offered by Bimo comprises of two main categories:

� STILAN TM products: wide range of films produced on the two conventional lines (plant A); main applications are in flexible packaging, labels and pressure sensitive tapes

� STILANSOL TM products: range of films produced on the S.O.L. line (plant B); main applications are specialty films, including tobacco overwrappings and high shrinkage labelstocks

Shrinkable Tobacco 4,500 21,000 21.4%

Wrap around labels 3,100 6,000 51.7%

Adhesive tapes 4,176 100,000 4.2%

Flexible packaging 15,179 625,000 2.4%

High barrier 3,332 42,000 7.9%

TOTAL 30,287 794,000 3.8%

ST

ILA

N

European sales volumes 2008 (tons)

Bimo's Mkt share (%)

ST

ILA

NS

OL

ProductsBimo sales volume

2008 (tons)

2008 Sales Volumes: Bimo & European Market

7

Stilan films are used for the production of self-adhesive and wrap around labels; special applications (e.g. UniaxxialHigh Shrinkage) are met by adopting the S.O.L. production line

• Clear film

• White solid film

• Metallised film

Products

Flexible packaging

Stilan and StilanSol products range are ideal for flexible packaging and can be used on vertical or horizontal packaging machines

•Wrap around film

Labels

Tobacco overwrap

Thanks to their mechanical, optical, shrinkage and sealing properties, StilanSol films are particularly suitable for high speed packaging machines for tobacco overwrapping

•Wrap around film

Stilan films, with low elongation and highly stable surface treatment, are suitable for the production of adhesive tapes• Clear Film

Adhesive tapes

Many other individual applications and technical uses can be fulfilled by Stilan and StilanSol range

• Antistatic polypropylene film

Technical domains

Applications/Uses Description

Source: Company data


8

2008 revenues breakdown by product 2008 revenues breakdown by country

2008 revenues breakdown by customers 2008 revenues breakdown by channel


WA labels11%Tobacco

21%

Flexible packaging42%

Labels12%

Barrier14%

Spain11%

France1%

Others EU4%

Uk9%

Germany16%

Greece 12%

Italy36%

Others World11%

Customers 6-1010%

Customer 113%

Customer 54%

Customer 310%

Customer 47%

Irplast11%

Others45%

Direct sales72%

Agents28%


9

Headquarter and production sites

� Group’s headquarter and Irplast’s production operations are located in Empoli

� Bimo’s production activities are carried out in two plants located in Atessa (Chieti)

Atessa (CH)

Plant A

� Total surface area: 65,287 sqm

� Covered area: 18,277 sqm

� Offices on two levels: 980 sqm

� Loading and parking area: 30,460 sqm

� 2 conventional (A-I, A-II) production lines: 35,000 tons/year (name plate capacity)

Plant B

� Total surface area: 54,000 sqm

� Covered area: 18,168 sqm

� Offices on two levels: 1,600 sqm

� Loading and parking area: 19,888 sqm

� 1 S.O.L. production line (B-I): 15,000 tons/year (name plate capacity)Source: Company data

Terrafino – Empoli (FI)


10

(1) Average workforce per year

Employees - historical evolution(1) Education level

Average age


Employees by production line

Em

plo

yee

nu

mb

er

3 3 3 3

62 63 50

49

130

131

145

148

0

50

100

150

200

2005 2006 2007 2008

Managers White collars Blue collars

200 198 197 195

45-5513%

35-4569%

25-3515%

55-653%

Middle school diploma

46%

University degree7%

High school diploma47%

Line B-I 9%

Line A-II11%

Line A-I 7%

Common areas 73%


11

Major European customers



12

Bimo key investment highlights

� Leading position in the flexible packaging business

� Perceived by the market as one of the leaders and innovators in the packaging business

� SOL technology is exclusively adopted worldwide by Bimo in the production of plastic film

� Customer base

� Broad and diversified customer base built on long term partnerships with major European customers

� Production base

� Significant investments in production capacity throughout the years 2005-2007

� Employs most advanced technologies in the production, conversion and print of plastic films

� Room for further efficiency

� Re-organizational business plan underway based on an increase in production efficiency and cost savings

� Change in production mix

� Increase in the production of higher value added innovative products in order to create a more balanced portfolio

� Highly experienced and motivated management team

� Highly experienced management team with long standing experience within the sector

� Strengthening of several areas: finance, commercial, product development, processes and applications

� Upside potential

� Excellent positioning in the European market thanks to its vertical integration

� Possibility of implementing a consolidation strategy through the acquisition of niche competitors


13

II. Historical financial highlights

14

10,494

12,111

10,500

3.0%

12.4%

14.5%14.0%

-2,000

1,000

4,000

7,000

10,000

13,000

FY 2005 FY 2006 FY 2007 FY 2008E0%

10%

20%

30%

2,940 3,435 3,551

1,154

368

198

455

6,239

3,605

115

0

2,500

5,000

7,500

10,000

FY 2005 FY 2006 FY 2007 FY 2008E

R&D Tangible Intangible

43,218

61,771

69,115

61,243

0

20,000

40,000

60,000

80,000

FY 2005 FY 2006 FY 2007 FY 2008E

Historical financial highlights– (1/4)

Total sales Ebitda & Ebitda margin

Capex Net financial position

(€/0

00

)(€

/00

0)

(€/0

00

)(€

/00

0)6,660

823

4,756

(1)

(1) Ebitda no IAS compliant

(2)

Source: Company data(1) Capex related to financial lease amounting to € 16.4 mln ( plant & equipment) are not included

(1) NFP not IAS compliant

(2) Includes debt of € 9.5 mln related to financial lease

(1)

(1)

70,70474,963

83,272 84,343

0

25,000

50,000

75,000

100,000

FY 2005 FY 2006 FY 2007 FY 2008E

(931)

9,872

51

15

1st grade films volumes sold


(€/0

00)


2,929 4,0525,638 4,939

3,136

2,276

2,853 2,925

2,109

2,7332,171

1,223

2,971

3,917

5,044 6,198

5,833

20,818

22,678 17,468

16,418 16,732

15,179

6,156

5,346

6,091

5,745 6,035

4,176

1,533

1,077

287

2,3413,216

3,868

1,703

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2003 2004 2005 2006 2007 2008

Wrap around High barrier Metalized Sh. tobacco Flexible packaging Adhesive tapes

34,365

38,217

36,145

38,431 39,000

31,656

-7.5%

-6.1%

+27.9%

-20.6%+49.0%

+15.4%

CAGR ’03-’08

16

Profit & loss and Balance sheet


12 FY2005 FY2006 FY2007 FY2008E

(€/000)

Net sales 73,908 80,728 83,161 69,836Other revenues 1,054 2,544 1,182 866Total sales 74,963 83,272 84,343 70,702YoY % change 11.08% 1.29% -16.17%

R&D capitalization 2,171 3,432 3,740 0

Value of production 77,134 86,704 88,083 70,702YoY % change 12.41% 1.59% -19.73%

COGS (46,639) (53,782) (56,334) (52,368)

I Margin 30,495 32,922 31,749 18,334% on total sales 40.7% 39.5% 37.6% 25.9%

Direct commercial expenses (4,711) (4,861) (4,898) (4,052)

II Margin 25,784 28,061 26,851 14,282% on total sales 34.4% 33.7% 31.8% 20.2%

Indirect allocated expenses (14,178) (15,218) (15,649) (14,556)

III Margin 11,606 12,843 11,202 (274)% on total sales 15.5% 15.4% 13.3% neg.

SG&A (7,568) (7,644) (8,583) (7,114)Charge off depreciation/amortization 6,456 6,912 7,881 6,457

Ebitda reported 10,494 12,111 10,500 (931)% on total sales 14.0% 14.5% 12.4% neg.

Ebitda adjusted 8,323 8,679 6,760 (931)% on total sales 11.1% 10.4% 8.0% neg.

Depreciation/amortization (6,456) (6,912) (7,881) (6,457)Provisions (42) (461) (552) (18)

Ebit 3,996 4,738 2,067 (7,407)% on total sales 5.3% 5.7% 2.5% neg.

Financial income/(expenses) (2,485) (2,962) (4,152) (3,938)Extraordinary items 15 (13,907)

Ebt 1,510 1,472 (2,437) (25,558)% on total sales 2.0% 1.8% neg neg

Tax (1,097) (1,260) (314) 0

Profit (loss) for the period 413 212 (2,751) (25,558)


FY2005 FY2006 FY2007 FY2008E

(€/000)

Intangible assets 9,239 9,576 9,116 6,578Tangible assets 51,518 61,406 58,742 60,536Financial assets 4 4 4 4

Fixed assets 60,761 70,986 67,861 67,118Inventory 10,750 13,716 15,356 5,723Trade receivables 13,951 14,452 10,167 8,378Trade payables (15,326) (17,547) (15,304) (21,292)Advances (26) (21) (28) (2)

Working capital 9,350 10,601 10,190 (7,192)Intercompany receivables/(payables) 3,258 4,803 4,953 7,624Other receivables/(payables) (3,861) 2,213 10,545 (167)

Other receivables 3,717 6,009 13,004 2,038

Other credits/(debts) (7,578) (3,796) (2,459) (2,205)

Net working capital 8,747 17,617 25,688 264

Risk and contingency funds (197) (308) (720) (720)

Staff severance fund (2,297) (2,515) (2,455) (2,448)

Net invested capital 67,013 85,779 90,373 64,215

Net financial position 43,218 61,771 69,115 61,383ST debt/(cash) 37,294 42,410 47,630 (1,353)

LT debt 5,923 4,832 7,496 6,719

Junior notes 5,000 5,000 2,750

Financial lease plant A 9,529 8,989 8,713

Shareholder's equity 23,796 24,008 21,258 2,832

Sources 67,013 85,779 90,373 64,2150 0 0 0

17

Ebitda walk ’07-’08


10,500

(1,346)

(3,740)

(2,128)

(4,213)

(417)

414(931)

-1,500

1,500

4,500

7,500

10,500

Ebitda 2007 ∆ R&Dcapitalization

∆ Volumes(tons)

∆ Raw materialsspread

∆ Energy ∆ Other Variablecosts

∆ Fixed costs Ebitda 2008

(€/0

00)


18

III. Business plan

19

1,0001,0001,000850

0

500

1,000

1,500

2,000

FY 2009E FY 2010E FY 2011E FY 2012E

R&D Tangible Intangible

Business plan –(1/5)

Total sales Ebitda & Ebitda margin

Capex Net financial position

(€/0

00

)(€

/00

0)

(€/0

00

)(€

/00

0)


86,283

76,810 78,09684,033

0

25,000

50,000

75,000

100,000

FY 2009E FY 2010E FY 2011E FY 2012E

10,255

8,868 8,8799,673

11.9%11.5%11.4%11.5%

0

3,000

6,000

9,000

12,000

FY 2009E FY 2010E FY 2011E FY 2012E

0%

10%

20%

30%

74,231

66,688

59,549

52,208

0

20,000

40,000

60,000

80,000

FY 2009E FY 2010E FY 2011E FY 2012E

CAGR 4.0%CAGR 5.0%

Limited capex required

€ 22 mln debt push down

20

1st grade films expected volumes


(€/0

00)

3,600 3,800 4,000

1,800 1,6001,200

8,470 8,800 9,000

17,03018,330 18,360 18,060

4,5224,200 4,000 3,800

3,322

2,767 2,000

1,400 1,000 900

7,541

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2009E 2010E 2011E 2012E

Wrap around High barrier Metalized Sh. tobacco Flexible packaging Adhesive tapes

36,58237,600 37,660 37,660


-5.6%

+2.0%

+6.1%

-5.0%-16.7%

+6.4%

CAGR ’09-’12

21

400

600

800

1,000

1,200

1,400

1,600

1,800

2009 2010 2011 2012Irplast FLE Flexible Tobacco

Plant A - Volumes & Spread


(€/0

00

)


Plant B – Volumes & Spread

2,000 1,800 1,600

900 1,200

18,060

4,200 4,000 3,800

2,767

1,4001,000

17,030 18,330 18,360

4,522

0

5,000

10,000

15,000

20,000

25,000

30,000

2009E 2010E 2011E 2012E

High barrier Metalized Flexible packaging Adhesive tapes

25,719 25,530 25,060 24,660

3,600 3,800 4,000

8,8009,000

3,322

8,470

7,541

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2009E 2010E 2011E 2012E

Wrap around Sh. Tobacco

10,863

12,07012,600

13,000

1,400

1,450

1,500

1,550

1,600

1,650

1,700

1,750

1,800

2009 2010 2011 2012

ECMFE Tobacco 2

(€/kg)

(€/0

00

)

(€/kg)

22

Contribution margins 2009

Ebitda per production site

FY2009E FY2010E FY2011E FY2012E

(€ 000)

Net Sales 76,810 100% 78,096 100% 84,033 100% 86,283 100%

Plant A 48,284 63% 46,787 60% 49,329 59% 49,661 58%

Line A-I 19,985 26% 18,782 24% 20,191 24% 20,826 24%

Line A-II 28,299 37% 28,005 36% 29,138 35% 28,835 33%

Plant B 28,526 37% 31,309 40% 34,704 41% 36,622 42%

I Margin 30,268 100% 29,300 100% 29,855 100% 30,310 100%

Plant A 16,117 53% 14,523 50% 14,375 48% 14,276 47%

Line A-I 6,521 22% 5,933 20% 5,773 19% 5,833 19%

Line A-II 9,596 32% 8,590 29% 8,602 29% 8,443 28%

Plant B 14,151 47% 14,778 50% 15,480 52% 16,034 53%

Ebitda 8,868 100% 8,879 100% 9,673 100% 10,255 100%

Plant A 1,429 16% 866 10% 1,167 12% 1,346 13%

Line A-I 391 4% 361 4% 267 3% 281 3%

Line A-II 1,038 12% 505 6% 900 9% 1,065 10%0% 0% 0%

Plant B 7,439 84% 8,013 90% 8,506 88% 8,909 87%

WA Labels Barrier Flex Pack Ad. Tapes Sh. Tobacco Total

(€/000)

Total Sales 7,757 11,944 26,632 6,722 23,755 76,810

COGS (4,278) (7,419) (18,592) (4,442) (11,810) (46,542)

I Margin 3,479 4,524 8,040 2,279 11,945 30,268

% on sales 44.8% 37.9% 30.2% 33.9% 50.3% 39.4%

Ebitda 1,902 1,154 (671) 369 6,114 8,868

% on sales 24.5% 9.7% neg. 5.5% 25.7% 11.5%

D&A (734) (309) (1,627) (544) (3,216) (6,429)

Ebit 1,168 844 (2,297) (175) 2,898 2,439

% on sales 15.1% 7.1% neg. neg. 12.2% 3.2%


WA labels and Sh. Tobaccoaccount for c.a. 90% of company Ebitda

Increasing weight of specialties up to 87% of total Ebitda

23

Profit & loss and balance sheet


12 FY2009E FY2010E FY2011E FY2012E

(€/000)

Net sales 76,216 78,065 84,003 86,253Other revenues 594 31 30 30Total sales 76,810 78,096 84,033 86,283YoY % change 8.64% 1.67% 7.60% 1.50%

R&D capitalization 0 0 0 0

Value of production 76,810 78,096 84,033 86,283YoY % change 8.64% 1.67% 7.60% 2.68%

COGS (46,542) (48,795) (54,178) (55,973)

I Margin 30,268 29,300 29,855 30,310% on total sales 39.4% 37.5% 35.5% 35.1%

Direct commercial expenses (4,390) (4,452) (4,467) (4,409)

II Margin 25,877 24,849 25,388 25,901% on total sales 33.7% 31.8% 30.2% 30.0%

Indirect allocated expenses (16,185) (15,691) (15,820) (16,065)

III Margin 9,693 9,158 9,568 9,836% on total sales 12.6% 11.7% 11.4% 11.4%

SG&A (7,062) (5,762) (4,774) (3,078)Charge off depreciation/amortization 6,238 5,483 4,879 3,497

Ebitda reported 8,868 8,879 9,673 10,255% on total sales 11.5% 11.4% 11.5% 11.9%

Depreciation/amortization (6,238) (5,483) (4,879) (3,497)Provisions (192) (195) (210) (216)

Ebit 2,439 3,200 4,584 6,542% on total sales 3.2% 4.1% 5.5% 7.6%

Financial income/(expenses) (1,772) (1,602) (2,033) (1,957)Extraordinary items (900) 0 0 0

Ebt (515) 1,297 2,167 4,191% on total sales neg 1.7% 2.6% 4.9%

Tax (317) (354) (408) (490)

Profit (loss) for the period (832) 943 1,759 3,701

FY2009E FY2010E FY2011E FY2012E

(€/000)

Intangible assets 3,811 1,682 181 90Tangible assets 57,916 55,562 53,184 50,778Financial assets 4 4 4 4

Fixed assets 61,731 57,248 53,369 50,872Inventory 7,717 8,110 8,523 8,225Trade receivables 14,509 14,751 15,219 15,627Trade payables (12,435) (12,687) (13,310) (13,397)Advances (26) (26) (28) (29)

Working capital 9,765 10,149 10,404 10,426Intercompany receivables/(payables) 6,976 4,555 2,829 1,751

Receivables vs controlling company 6,976 4,555 2,829 1,751

Payables vs controlling company 0 0 0 0

Other receivables/(payables) 1,018 1,035 1,114 1,143Other receivables 3,413 3,471 3,734 3,834

Other credits/(debts) (2,396) (2,436) (2,621) (2,691)

Net working capital 17,759 15,738 14,347 13,320Risk and contingency funds (912) (1,107) (1,317) (1,533)

Staff severance fund (2,348) (2,248) (2,148) (2,048)

Net invested capital 76,230 69,631 64,250 60,611

Net financial position 74,231 66,688 59,549 52,208ST debt 12,262 6,655 5,634 4,462

LT debt 5,841 4,955 4,043 3,123

Junior notes 2,750 2,750 1,833 917

Financial lease plant A 8,446 8,146 7,925 7,661

Consolidated debt tranche A 30,998 30,998 27,898 24,799

Consolidated debt tranche B 5,000 5,000 5,000 5,000

Deferred interests 2,184 2,184 1,965 1,747

Additional finance 6,750 6,000 5,250 4,500

Shareholder's equity 1,999 2,942 4,701 8,403

Sources 76,230 69,631 64,250 60,611


24

IV. Current trading

25

Current trading

Q1 2009 business outcome

� Q1/09 figures and major results/actions:

� Uncertain European Scenario and several shutdowns;

� Bimo Total 1st Grade film volume (7,405 tons) and Key Markets (Tobacco + EMCFE+ FLE) volume (3,246 tons) in

line with budget;

� Film/Resin Spread at 1,185 Euro/Kilo significantly over the 0,878 of the Q1/2008, due to the portion of Specialties

and Resin Scenario;

� All Management factors accordingly to 2009 Budget;

� Ebitda margin is in the range of 20%;

� Market trends:

� Demand for commodity plastics, including and not limited to BOPP film, in W.E. regions has been subdued because

of reduced consumers spending and colder weather, but food & beveragesectors are exhibiting a better trend;

� At the same time, also taking in consideration the currencies exchange level (Euro vs. USD), materials from outside

(Turkey, South America, Asia,…) had had no noticeable impact on the market as per the past three years (namely on

flower wraps, pressure-sensitive tape and flexible packaging for general purposes);

� As far as the competitive scenario is concerned, all major BOPP film suppliers (ExxonMobil, Vifan, Radici, Manuli,

Treofan), shutdown the lines as their aim is to hold the film price level.

26

V. Debt restructuring snapshot

27

Restructured credit lines

� Main terms of the debt restructuring plan with Company’s lenders are the following:

� € 11.1 mln 5 years committed working capital lines

� Consolidation of € 36 mln from uncommitted short term debt to 12 years term loan

� Rescheduling of € 2.5 mln term loan to 12 years maturity

� Rescheduling of € 8.7 mln financial leases to 15 years maturity

� Write-off of € 2.3 mln junior notes

� Additional finance of € 10.5 mln of which € 7.5 mln term loan and € 3.0 mln import finance

� Convenient margin spread reduction

Before restructure After restructure

Additional finance

47.1.2

14.1

2.3

31.0

5.0

8.7

(€/mln)

8.7

7.5

2.8Leasing (Plant A)

Term Loan (Plant B)

Term Loan

ST debt (uncommitted)

67.5

76.8

4.24.22.3

0.21.1

0.2

Subsidized LoansJunior Notes

Leasing (Plant A)

Junior Notes

Working capital line

Subsidized Loans

Term Loan (Plant B)

Deferred interests

Consolidated debt tranche (A)

Term Loan

5.0

Consolidated debt tranche (B)

Debt restructuring snapshot – (1/2)

28

Restructured credit lines - Detail

Bimo Amount Type Reimbursement Maturity Spread (bps)

(€ mln) Interest Principal

Working capital facility 14.1Revolving facility 11.1 Revolving Revolving None None 2013 70

Additional finance 3.0 Revolving Revolving None None 2013 70

Consolidated debt 36.0Consolidated debt tranche (A) 31.0 Unsecured Amortizing 2009 2009-2010 2020 60

Consolidated debt tranche (B) 5.0 Unsecured Bullet 2009 None 2020 90

Term Loan 2.5Term Loan (Plant B) 2.3 Mortgage guarantee Amortizing None None 2018 80

Term Loan 0.2 Unsecured Amortizing 2009 2009-2010 2020 60

Deferred interests 1.1 Unsecured Amortizing None 2009-2010 2020 None

Leasing (Plant A) 8.7 Leasing Amortizing None None 2023 80

Junior Notes 2.8 Unsecured Amortizing 2009-2010 2009-2010 2013 None

Additional finance 7.5 Mortgage guarantee Amortizing None None 2018 70

Grace period

(1) Mortgage guarantee

(2) Interests accrued but not paid in 2008 under the agreement with the banking system

(1)

(2)

Debt restructuring snapshot – (2/2)

29

Appendix – SOL 2

30

Foreword

New investment opportunity

� The initiative presented in the coming pages is an opportunity currently being reviewed by Group’s management

� The project has been accurately evaluated and represents a potential investment opportunity to Bimo

� The implementation of the project will be assessed in case a third party enters Bimo’s share capital

31

SOL 2

� Investment on an additional S.O.L. production line coupled with modernization of one conventional line

� Correlated R&D investments on the Atessa and Terrafino plants

� Request for the programmed negotiation (Art. 7 comma 1 D.L. 24/1/2008) underway

� Financial benefits are expected in two forms:

� lump sum granted (up to € 7 mln)

� interest subsidies(1) (up to 31 mln)

Uses and sources

Appendix – SOL 2

(€/000)

Uses 50,000

S.O.L.2 equipment & machines 35,000

Transformation of conventional line 5,000

R&D 10,000

Sources 50,000

Interest subsidies 31,000

Equity 19,000

� Assuming the investments were carried out in the two year period 2009-2010 the production would start from year 2012 resulting in an

increase in revenues and marginality for specialty products

(1) Maturity of 9 years with interest rate of approximately 1%

presentazione bimo_2009-1

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